Korea Agricultural Association Bank Launches Stablecoin VAT Refund Pilot on Avalanche
2025-11-12 21:21:44
NH NongHyup Bank, one of the top five banks in South Korea, has announced the launch of a proof-of-concept (PoC) for a stablecoin-based value-added tax (VAT) refund on the Avalanche blockchain to test a real-time tax refund and settlement system for inbound tourists. The project, in collaboration with Avalanche, Fireblocks, Mastercard and Worldpay, aims to automate the tax refund process through smart contracts and enable no-delay settlement and currency exchange using stablecoins. The bank said that the pilot does not involve real funds or customer data, and mainly verifies technical feasibility and operational efficiency.
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